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The SUSI Renewable Energy Fund II has received commitments of €121 million (US$137.7 million), in line with the planned fundraising schedule.
The SUSI Renewable Energy Fund II was launched at the end of 2014 by Sustainable Sà rl as a successor fund of SUSI's first Renewable Energy Fund, and advised by SUSI Partners AG.
After the first closing, the fund, with a total capacity of €500 million, has successfully reached its second closing at around €120 million, with a customer base that includes a number of institutional investors from other SUSI funds.
Six months after the first closing the committed capital has been fully allocated. The assets secured are located in Germany, France and Portugal with an aggregated capacity of 130 MW.
Dr. Tobias Reichmuth, CEO of SUSI Partners AG, stated:
"Due to our extensive network and well composed project pipeline we are able to secure attractive opportunities in exclusivity. The committed capital is expected to be allocated by the end of 2015."
Building on the successful strategy of SUSI's first Renewable Energy Fund, the successor fund invests in a geographically diversified portfolio of operational and fully permitted solar and wind power plants across Europe. Over the three years' investment period, SUSI expects to diversify its project-base by engaging in bilateral private power purchase agreements (PPAs), complementing projects with feed in tariff reliance.
The SUSI Renewable Energy Fund II caters to institutional investors and target returns of 6 to 7 percent (net IRR). Regular annual distributions over the fund life of 10 years and a conservative exit strategy make it an appealing proposition for investors seeking alternatives to fixed income instruments.